晨会纪要 证券研究报告 2025 年 12 月 12 日 核心结论 分析师 【医药生物】2026 年医药行业策略报告：黄金赛道：寻找中国的 Global Pharma 推荐标的：恒瑞医药、科伦博泰、特宝生物、京新药业、医脉通、平安好医 生等； 建议关注：康方生物、三生制药、信达生物等。 【汽车】易鑫集团（2858.HK）业务更新点评：纳入港交所科技 100 指数、 Q3 运营数据表现优异 公司业务结构持续优化，金融科技能力持续增强，我们看好公司凭借领先的 金融科技能力实现份额和收入的进一步提升。我们维持此前预期，预计公司 2025 年归母净利润 11.43 亿元，同比+41.2%，12 月 10 日对应 PE 为 16 倍，维持"增持"评级。 zhouying@research.xbmail.com.cn 国内市场主要指数 | 指数名称 | 收盘 | 涨跌(%) | | --- | --- | --- | | 上证指数 | 3,873.32 | -0.70 | | 深证成指 | 13,147.39 | -1.27 | | 沪深 300 | 4,552.18 | -0.86 | | 上证 180 | 9,838 ...

公司动态跟踪 | 福晶科技 至期收入增长超预期，钒酸钇晶体匹配 OCS 应用万事俱备 证券研究报告 2025 年 12 月 11 日 福晶科技（002222.SZ）动态跟踪 风险提示：市场竞争加剧风险、国际贸易政策变化风险、应收账款回收风险。 核心数据 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 782 | 876 | 1,115 | 1,339 | 1,503 | | 增长率 | 1.7% | 12.0% | 27.3% | 20.1% | 12.2% | | 归母净利润 (百万元) | 209 | 219 | 302 | 406 | 494 | | 增长率 | -7.6% | 4.6% | 38.0% | 34.6% | 21.6% | | 每股收益（EPS） | 0.44 | 0.47 | 0.64 | 0.86 | 1.05 | | 市盈率（P/E） | 144.2 | 137.8 | 99.9 | 74.2 | 61.0 | | 市净率（P/B） | 20. ...

传统主业优势地位稳固，高研发投入成果丰硕。1）公司是全球规模最大的LBO、BBO晶体及其元器件 的生产企业，市场占有率全球第一；精密光学产品业务方面实现了应用于高速光网络动态调控模块的新 型棱镜光栅的批量生产，产品综合性能达到国际先进水平，成为国内外头部企业重要的供应商。近年来 公司瞄准高端领域的激光器件市场，力争解决进口核心器件的卡脖子问题，自主研发的声光器件、磁光 器件等器件类产品成功打破国外激光器件供应商的垄断格局。25Q1-Q3 公司实现营收8.42 亿元，同比 +26.62%；归母净利润2.18 亿元，同比+29.75%，25Q3 单季度营收、利润创历史新高，传统主业优势地 位稳固。2）25Q1-Q3 公司研发投入0.82 亿元，同比+18.66%。公司在2025 年基于自主生长的大口径 BBO 晶体以及普克尔的突破性设计，推出大口径BBO 电光调制器及驱动器，并凭借其和国际竞品相当 的产品性能指标得到国内客户的认可，填补了国内大口径BBO 电光调制器及驱动的空白。 至期光子聚焦超精密光学领域，钒酸钇晶体在OCS 领域大有可为。1）超精密光学：公司子公司涵盖福 建睿创、青岛海泰、至期光子等，以全产业 ...

Group 1 - Hengsheng Energy reported that its CVD diamond product revenue accounted for 0.15% of total revenue in the first half of 2025, amounting to 683,500 yuan [1][2] - Hengyi Petrochemical's project for an annual production of 1.2 million tons of caprolactam and polyamide integration has entered the trial production phase [1][2] - Beixin Road and Bridge won a public works construction project worth 399 million yuan [1][2] Group 2 - Harsen Co. plans to acquire 45% equity in Dongtai Hongyu for 27 million yuan [1][2] - Shennong Technology's board member Huang Yong intends to reduce his holdings by up to 2.9 million shares [1][2] - Haon Automotive Electric received a product designation letter, estimating total revenue of approximately 576 million yuan over its lifecycle [1][2] Group 3 - Coldray Mining reported a net profit of 238 million yuan for the first three quarters, representing a year-on-year increase of 42.57% [1][2] - Tonghuashun's net profit for the first three quarters reached 1.206 billion yuan, up 85.29% year-on-year [1][2] - Binhua Co. submitted an application for H-share listing on the Hong Kong Stock Exchange [1][2]

Investment Rating - The report recommends a focus on companies involved in OCS systems, particularly those producing OCS machines and core components, with specific recommendations for 中际旭创, 光库科技, and 腾景科技 [3][34][35]. Core Insights - The OCS (Optical Circuit Switches) technology is highlighted as a key advancement in the optical networking industry, providing high bandwidth, low power consumption, and low latency, which are essential for modern data centers [11][14][34]. - The report emphasizes the increasing participation of major industry players in the OCS market, indicating a clearer development path for OCS technology and a potential acceleration in the performance realization of companies within the OCS supply chain [3][34]. Summary by Sections OCS Solutions at the Expo - The 26th China International Optoelectronic Exposition showcased various OCS solutions, with significant participation from over 3,800 exhibitors from more than 30 countries [10]. - Coherent presented two digital liquid crystal OCS solutions, featuring a 300-port and a 64-port model, both designed for high reliability and low power consumption [19][20]. - 光库科技 demonstrated a MEMS OCS solution capable of supporting 640 or 320 LC ports, already deployed in over 750,000 fiber optic connectors globally [25][26]. - 凌云光 and Polatis are leading the promotion of direct beam steering OCS technology, utilizing piezoelectric ceramics for precise light routing [27][31]. Investment Recommendations - The report suggests focusing on companies involved in OCS machines, such as 中际旭创, 德科立, 光库科技, and 凌云光, as well as core component manufacturers like 腾景科技 and 赛微电子 [3][34][35]. - The ongoing acceleration in global computing infrastructure and interconnect bandwidth is expected to enhance the performance realization of companies in the OCS supply chain [34]. Company Profit Forecasts and Valuation - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for key companies, with 中际旭创 projected to have an EPS of 8.58 in 2025 and a PE of 48, while 光库科技 is expected to have an EPS of 0.43 and a PE of 237 [4][35].